The U.S. Small Business Administration (SBA) is offering assistance for victims of this February’s devastating flood with their disaster assistance and loan program.
There are a few types of loans available including: the Business Physical Disaster loans, the Economic Injury Disaster loans, and the Home Disaster loans for assistance. The business and economic loans can give you up to $2 Million, the home loan can be up to $200,000, and there is a personal property loan that can be up to $40,000. In loan terms, you have up to a maximum of 30 years to pay it back. However, the law restricts businesses with credit available elsewhere to a maximum 7-year term.
Their temporary location is on 725 Cedar Bluff Road in Centre at the Cherokee County Rescue Service. They are open Monday through Friday 9-6 and on Saturday from 9-2. But they are only open for a limited time. The temporary location will close on May 23rd, but that date is not the application deadline. The final day to apply for a physical damage loan is July 6, 2019 and the final day to apply for a economic injury loan is February 7th, 2020.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email: firstname.lastname@example.org for more information on SBA disaster assistance.
Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
You can also visit SBA.gov for more information.